The global off-highway tire market is expected to post a CAGR of over 5% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the rising demand for ATVs. ATVs are basically a quadricycle or quad bike that has a low seat for the operator to straddle. They travel on low-pressure tires and have handlebars for steering control. These vehicles are equipped with off-highway tires that are specifically designed to be ridden over multiple terrains, that are inaccessible by other vehicles. ATV production has increased significantly due to a significant rise in recreational off-roading activities.
This market research report on the global off-highway tire market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increasing implementation of the tire-pressure monitoring system as one of the key emerging trends in the global off-highway tire market:
Global off-highway tire market: Increasing implementation of tire-pressure monitoring system
A tire-pressure monitoring system is an electronic system that gauges the air pressure in the tires to determine whether the tires are under-inflated. Uneven tire pressure in vehicles can lead to loss of control. Thus, when a TPMS detects that the air pressure in any one or more tires is low, it alerts the driver through a warning signal, i.e., a blinking indicator on the dashboard. TPMS was developed to reduce traffic accidents, parasitic power losses from rotating underinflated tires, and wear on tires.
Indirect and direct are the two types of TPMS. The indirect TPMS gauges loss of air pressure in the tires by using the wheel sensors to measure the rate of a wheel revolution. It compares it with the revolution of other wheels and uses the rate of revolution to determine the size of the tire. Variations in tire sizes due to low air pressure causes the system to warn the driver. The direct TPMS integrates monitoring devices in individual tires to gauge the air pressure and temperature, says a senior analyst at Technavio for research on wheels and tires.
Global off-highway tire market: Segmentation analysis
This market research report segments the global off-highway tire market by product (pneumatic and non-pneumatic) and geographical regions (APAC, EMEA, and the Americas).
The pneumatic segment held the largest market share in 2017, accounting for nearly 99% of the market. This product segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 41%. This region is expected to dominate the market through 2022.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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